New York City is receiving a disproportionately low amount of funding from the Clean Water, Clean Air and Green Jobs Environmental Bond Act, despite having a significant population and voter support for the act. Rep. Ritchie Torres is pushing for fair funding formulas to address this issue. The state Department of Environmental Conservation is working to educate municipalities on how to apply for funding and leverage federal support.
New York City is facing a shortage of green bond funding, as highlighted in a recent report by THE CITY. The Clean Water, Clean Air, and Green Jobs Environmental Bond Act, approved by voters statewide in 2022, allows the state to borrow $4.2 billion for various environmentally friendly projects. These projects include stormwater systems, green buildings, coastal protections, and electric school buses. However, New York City has only received less than 2% of the allocated funds, primarily due to funding formulas that limit grants and treat the city the same as other municipalities.
Rep. Ritchie Torres (D-The Bronx) has raised concerns about this issue and recently sent a letter to the state Department of Environmental Conservation urging for fairer funding formulas that prioritize the city’s needs. He pointed out the significant disparities in the distribution of funding across regions and highlighted the lack of investment in New York City as a deliberate outcome of the biased funding formula.
Despite being home to over 40% of the state’s population and having strong support for the Bond Act, New York City has only received $6 million out of the $313 million allocated so far. The DEC has stated that the state will continue to support New York City and other municipalities in submitting competitive funding applications to meet the Bond Act’s objectives. They also plan to collaborate with the New York Congressional delegation to secure federal funding that can complement the state’s investments.
In conclusion, addressing the funding disparities and ensuring equitable distribution of green bond funding is crucial for New York City to advance its environmental initiatives and support sustainability efforts. Rep. Torres’ advocacy and the state’s commitment to assisting municipalities in accessing funding are steps in the right direction towards achieving these goals.
Source: TheCity.NYC
